ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Stocks

Shares of Hong Kong's Wharf caught in tug of war

Possible fate of Wharf's telecommunication business is dividing investor actions in Hong Kong. (Photo by Kenji Kawase)

HONG KONG -- Shares in Hong Kong conglomerate Wharf (Holdings) are holding steady near the previous day's closing level, with investors polarized over the possible fate of its telecommunications business.

Rumors emerged on Monday that the company, which engages in real estate development, among other things, is mulling whether to sell its telecommunications unit, one of its core businesses. There is also speculation that Wharf is looking for a partner rather than a buyer. Caught in the middle, and amid a growing wait-and-see mood, investors pulled the shares in both directions. The stock ended Tuesday up 0.11%.

According to a report by a local news outlet on Tuesday, Wharf, a unit of Wheelock, itself a Hong Kong-based conglomerate, is inviting bids for its telecommunications and media businesses. Companies that have expressed interest in the deal include U.S. investment fund Kohlberg Kravis Roberts as well as mainland China insurers Anbang Insurance Group and Ping An Insurance Group, the report said. Hong Kong's SmarTone Telecommunications was also counted among potential suitors.

Bidding could begin this month, according to the report. The telecommunications unit may fetch as much as $1 billion, it said.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends April 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media